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Gramm-Rudman-Hollings Act

   Also found in: Financial, Acronyms, Wikipedia 0.02 sec.
Gramm-Rudman-Hollings Act, officially the Balanced Budget and Emergency Deficit Control Act of 1985, U.S. budget deficit reduction measure. The law provided for automatic spending cuts to take effect if the president and Congress failed to reach established targets; the U.S. comptroller general was given the right to order spending cuts. Because the automatic cuts were declared unconstitutional, a revised version of the act was passed in 1987; it failed to result in reduced deficits. A 1990 revision of the act changed its focus from deficit reduction to spending control.


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To strengthen control over spending and deficit levels and to promote more efficient legislative action on budgetary issues, Congress and the president enacted the Balanced Budget and Emergency Deficit Control Act of 1985, commonly known as the Gramm-Rudman-Hollings Act for its three primary Senate sponsors.
Balanced Budget and Emergency Deficit Control Act of 1985 Facing $200 billion deficits in the early to mid-1980s, Congress passed the Balanced Budget and Emergency Deficit Control Act of 1985, commonly known as the Gramm-Rudman-Hollings Act (GRH), in an effort to rein in deficits.
 
 
 
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